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Global regulators are focused on the implications of transitioning away from LIBOR to a new risk free rate by end-2021. Over 40 years, LIBOR has deeply embedded itself across market infrastructure - over US$400 trillion of assets reference LIBOR as the underlying rate. The transition away from this critical benchmark is a complex issue with ambitious timelines.

Conduct risk in relation to the transition is an identified concern for the industry and regulators. The surveillance function has an important role to play in ensuring customers are treated fairly throughout the transition process and protecting firm's from potential conduct breaches.

In order to help mitigate and manage risks arising from this transition, surveillance functions need to assess whether their current scenarios and controls are fit for purpose.